Market Chatter: Mizuho Bank Seeks to Place Radiant World Under Judicial Management

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Market Chatter: Mizuho Bank Seeks to Place Radiant World Under Judicial Management

MT Newswires09-03

Mizuho Financial Group (TYO:8411) has initiated legal proceedings in the Singapore High Court and has applied to place iron ore trader Radiant World's Singapore operating unit under judicial management, Bloomberg News reported Wednesday, citing a court document.

The bank, which is a creditor of Radiant World, filed the application on Aug. 26 to initiate a restructuring process, allowing the court-appointed professionals to take control of a company, the report said.

The bank has sought the appointment of two Deloitte restructuring professionals as interim judicial managers of the Singapore-based unit, according to the report.

Mizuho declined to comment on the matter, while Radiant World did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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